Vietnam

7 Chapter Accounting

    • Accounting system

       Accounting system is under the administration of the Ministry of Finance (MOF) and has been improving and increasing in the number of accounting firms recently under the Law on Accounting (2003). The MOF has issued and approved two accounting system regimes applied for all foreign enterprises which are ‘medium and small sized enterprises’ and ‘enterprises of other scale’. The Vietnamese accounting system regulates specific accounting codes, account names and provides a standard chart of accounts for internal accounting documentation and the bookkeeping records which must be mentioned by Vietnamese language and currency. In case an enterprise needs to amend, supplement the accounting system or even wants to use another one, they are required to submit their system to and obtain approval from the MOF. 

       

      There are 26 Vietnamese Accounting Standard issued by the MOF which are applying to all enterprises in Vietnam’s economic and must be followed strictly by all companies and corporations. In case there is any difference from Vietnamese Accounting Standards and Systems, the enterprise needs to register with the MOF to obtain prior written consent.

       

      Languages used in accounting records by enterprises must be either Vietnamese or another widely used foreign language approved by the MOF. Only Arabic numerals and Metric system are allowed in accounting records.

       

      Law and regulation of accounting

      Item

      Description

      Law on Accounting 2003

       

      Vietnamese accounting standard

       

      Vietnamese accounting system

       

      Securities Act

       

      The provisions of the Stock Exchange

       

    • Accounting related laws and regulations

       Basic law for Vietnamese accounting system is the Law on Accounting 2003.  And the Vietnamese Accounting Standard is implemented by the MOF through the Accounting and Auditing Policy Department. 

    • Accounting period (Article 13)

       An accounting year as known as an accounting period is a company’s annual financial reporting period. An accounting period may be an annual, a quarterly or a monthly accounting period. An annual accounting period can be typically a period of 12 months calendar year (January 1 to December 31) or permitted to select 12 months period beginning the first day of each quarter (April 1 to March 31 of the following year; July 1 to June 30 of the following year; or October 1 to September 30 of the following year). A quarterly accounting period consists of 3 months which is counted from the beginning of the first day of the first month of a quarter to the end of the last day of the last month of the quarter.  And a monthly accounting period is from the beginning of the first day to the end of the last day of the month.

       

      The first accounting period runs from the date of issuing the investment license to the last day of the accounting year. Annual financial reports must be submitted to authorities within 90 days from the date that the annual accounting period ends. Where the first or the last annual accounting period is shorter than 90 days, it shall be allowed to be added to the following or the previous annual accounting period for counting as an annual accounting period. The first or the last annual accounting period must be shorter than 15 months. 

    • Accounting record

       Accounting records includes accounting vouchers, accounting books, financial statements, management accounting reports, audit reports, accounting inspection reports and other accounting-related records. The accounting units shall have to manage, use, preserve and archive accounting records, supply complete and truthful accounting information and records in a timely and transparent manner to organizations and individuals according to law provisions.

      Accounting records for archival must be original ones for 12 months as from the last day of the annual accounting period or after the accounting work finishes. Accounting records must be archived at least 5 years, 10 years, or perpetual archival depending on kinds of accounting documents. A penalty shall be subjected from 1 million, 10 million or even 20 million Vietnamese Dong to a party that violates the law for not observe preservation regulations.  

    • Accounting evidence

       Accounting evidence is the original accounting documents that must be subjected to preservation included: accounting vouchers, accounting books, financial reports, and other related documents.

       

      According to Decree No. 39/2011/ND-CP of May 26, 2011, a fine of between VND 200,000 and 2,000,000 shall be imposed for any of the acts of making accounting vouchers without sufficient principal details prescribed by the accounting law; erasing or tampering with accounting vouchers; signing accounting vouchers in contravention of regulations on signatures of post holders required for each type of accounting voucher. A fine of between VND 2,000,000 and 10,000,000 shall be imposed in case of making sale invoices but failing to hand them to customers according to regulations. Or a fine of between VND 10,000,000 and 30,000,000 shall be imposed for the act of forging or making false declarations on accounting vouchers…

       

      VAT invoice can be used as an evidence document. Sale invoices must be made and handed over to customers by organizations and individuals when selling goods and services. However, for cases of goods retailing or service involving a sum of money lower than VND 200,000, sale invoices may not be made if not asked for by the goods buyers. In the other hand, sale invoices also need to be created by the goods sellers or service providers when organizations and individuals buy good or are provided with services. 

    • Accounting currency

       The official accounting currency unit is the Vietnamese dong. Where economic or financial operations arise in foreign currencies, they must be recorded in both original currencies and Vietnam dong at the actual exchange rates or converted at the exchange rates announced by Vietnam State Bank at the time they arise, unless otherwise provided for by law; for those foreign currencies for which the rates of exchange with Vietnam dong are not available, they must be converted via a foreign currency for which the rate of exchange with Vietnam dong is available.

       

      The accounting units which have revenues and expenditures mostly in foreign currencies may choose a foreign currency prescribed by the Ministry of Finance as a monetary unit for accounting, but, when making financial statements for use in Vietnam, must covert it into Vietnam dong at the exchange rate announced by Vietnam State Bank at the time of closing books for making financial statements, unless otherwise provided for by law.

    • Accounting language

       The script used in accounting is the Vietnamese script. Where a foreign script must be used in accounting vouchers, accounting books and financial statements in Vietnam, the Vietnamese script and the foreign script must be used simultaneously.

    • Chart of account

       Vietnam’s Ministry of Finance issued a uniform chart of accounts for enterprises’ financial statements. In general, there are two main accounting systems which are for industrial enterprises and for credit institutions. The chart of accounts is applicable to all enterprises including Foreign Invested Enterprises, quite rigid and categorized in nine groups:  current assets, non-current assets, liabilities, owner equity, revenues, expenses, other income, other expenses and income summary. Each category contains a number of account codes such as Cash On Hand is 111 with sub account codes Vietnamese Dong is 1111, Foreign Currency is 1112, and Monetary Gold is 1113… Enterprises may create sub account by themselves at level 1 and level 2 under the strictly defined accounts. However, modification is not allowed unless there is an approval from the MOF.

    • Chief Accountant

       According to Accounting Law 2003, all enterprises must arrange persons to work as chief accountants who must has certificate of chief accountants’ training and actually performed accounting work for at least two years to have the task of organizing the accounting work in the company.

      Chief accountants shall have the responsibility to implement the law provision on accounting and finance in the accounting units, organize and administer the accounting apparatuses, compile financial statements and have right to work independently in their professional accountancy activities, give written opinions on the recruitment, transfer, salary rise, commendation or disciplining of accountants… 

    • Vietnam accounting software

       There are some typical accounting software in Vietnam such as FAST and MISA. In principle, language used for bookkeeping must be Vietnamese. If the accounting book system is processed and recorded by the accounting software programs, it must ensure the principle of making entries in a selected accounting form, and at month end, the accounting books must be printed out for use and archival. Enterprises may use accounting software programs without having to register them but such programs must be compatible with a certain accounting forms prescribed in the Vietnamese enterprises’ accounting system.   

    • Accounting method for fixed assets

       According to Circular 45/2013/TT-BTC, an asset shall be named as a fixed asset if it satisfies all the followings:
      • Be able to get benefit in the future from using;
      • Be able to be used more than one year;
      • Has the value of VND 30,000,000 or more.

       

      Vietnam Chart of Account

      Account Code

      Account Name

      Sub 1

      Sub 2

      Assets

      111

       

      Cash on hand

       

      1111

      Vietnamese Dong

       

      1112

      Foreign currencies

       

      1113

      Monetary Gold

      112

       

      Cash in bank

       

      1121

      Vietnamese Dong

       

      1122

      Foreign currencies

       

      1123

      Monetary Gold

      113

       

      Cash in transit

       

      1131

      Vietnamese Dong

       

      1132

      Foreign currencies

      121

       

      Trading securities

       

      1211

      Shares

       

      1212

      Bonds

       

      1218

      Securities and other financial instruments

      128

       

      Investment held to maturity

       

      1281

      Term deposits

       

      1282

      Bonds

       

      1283

      Loans

       

      1288

      Other investment held to maturity

      131

       

      Trade receivables

      133

       

      Deductible VAT

       

       

      1331

      Deductible VAT of goods and services

       

      1332

      Deductible VAT of fixed assets

      136

       

      Internal receivables

       

      1361

      Working capital provided to sub-units

       

      1362

      Internal receivables on foreign exchange differences

       

      1363

      Internal receivables on borrowing costs eligible for capitalization

       

      1368

      Other internal receivables

      138

       

      Other receivables

       

      1381

      Shortage of assets awaiting resolution 

       

      1385

      Receivables from privatization

       

      1388

      Other receivables

      141

       

      Advances

      151

       

      Goods in transit

      152

       

      Raw materials

      153

       

      Tools and supplies

       

      1531

      Tools and supplies

       

      1532

      Packaging rotation

       

      1533

      Instruments for rent

       

      1534

      Equipment and spare parts

      154

       

      Work in progress

      155

       

      Finished goods

       

      1551

      Finished goods

       

      1557

      Real estate finished goods

      156

       

      Merchandise goods

       

      1561

      Purchase costs

       

      1562

      Incidental expenses

       

      1567

      Property inventories 

      157

       

      Outward goods on consignment

      158

       

      Goods in bonded warehouse

      161

       

      Government sourced expenditure

       

      1611

      Expenditure of previous year

       

      1612

      Expenditure of current year

      171

       

      Government bonds purchased for resale

      211

       

      Tangible fixed assets

       

      2111

      Buildings and structures

       

      2112

      Machinery and equipment

       

      2113

      Transportation and transmission vehicles

       

      2114

      Office equipment

       

      2115

      Perennial trees, working and producing animals

       

      2118

      Other tangible fixed assets

      212

       

      Finance lease assets

       

      2121

      Finance lease tangible fixed assets

       

      2122

      Finance lease intangible fixed assets

      213

       

      Intangible fixed assets

       

      2131

      Land use rights

       

      2132

      Copyrights

       

      2133

      Patents

       

      2134

      Trademarks and brand name

       

      2135

      Computer software

       

      2136

      Licenses and franchises

       

      2138

      Other intangible fixed assets

      214

       

      Depreciation of fixed assets

       

      2141

      Depreciation of tangible fixed assets

       

      2142

      Depreciation of finance lease assets

       

      2143

      Amortization of intangible assets

       

      2147

      Depreciation of investment properties

      217

       

      Investment properties

      221

       

      Investment in subsidiaries

      222

       

      Investment in joint ventures and associates

      228

       

      Other investments

       

      2281

      Equity investments in other entities

       

      2288

      Other investment

      229

       

      Allowance for impairment of assets

       

      2291

      Allowances for decline in value of trading securities

       

      2292

      Allowances for investment loss in other entities

       

      2293

      Allowances for doubtful debts

       

      2294

      Allowances for inventories

      241

       

      Construction in progress

       

      2411

      Acquisition of fixed assets

       

      2412

      Construction in progress

       

      2413

      Extra-ordinary repair of fixed assets

      242

       

      Prepaid expenses

      243

       

      Deferred tax assets

      244

       

      Mortgage, collaterals and deposits

      Liabilities

      331

       

      Trade payables

      333

       

      Taxes and other payables to State Budget

       

      3331

      Value Added Tax (VAT)

       

      33311

      Output VAT

       

      33312

      VAT on imported goods

       

      3332

      Special consumption tax

       

      3333

      Import and export tax

       

      3334

      Corporate income tax

       

      3335

      Personal income tax

       

      3336

      Tax on use of natural resources

       

      3337

      Land and housing tax, and rental charges

       

      3338

      Environment protection tax and other taxes

       

      33381

      Environment protection tax

       

      33382

      Other taxes

       

      3339

      Fees, charges and other payables

      334

       

      Payables to employees

       

      3341

      Payables to staff

       

      3348

      Payables to others

      335

       

      Accrued expenses

      336

       

      Internal payables

       

      3361

      Internal payables for working capital received

       

      3362

      Internal payable on foreign exchange differences

       

      3363

      Internal payables on borrowing costs eligible for capitalization

       

      3368

      Other inter-company payables

      337

       

      Progress billings for construction contracts

      338

       

      Other payables

       

      3381

      Surplus of assets awaiting resolution

       

      3382

      Trade union fees

       

      3383

      Social insurance

       

      3384

      Health insurance

       

      3385

      Payables on privatization

       

      3386

      Unemployment insurance

       

      3387

      Unearned revenue

       

      3388

      Others

      341

       

      Borrowings and finance lease liabilities

       

      3411

      Borrowings

       

      3412

      Finance lease liabilities

      343

       

      Issued Bonds

       

      3431

      Ordinary bonds

       

      34311

      Par value of bonds

       

      34312

      Bond discounts

       

      3432

      Convertible bonds

      344

       

      Deposits received

      347

       

      Deferred tax liabilities

      352

       

      Provisions payable

       

      3521

      Product warranty provisions

       

      3522

      Construction warranty provisions

       

      3523

      Enterprise restructuring provisions

       

      3524

      Other provisions

      353

       

      Bonus and welfare fund

       

      3531

      Bonus fund

       

      3532

      Welfare fund

       

      3533

      Welfare fund used for fixed asset acquisitions

       

      3534

      Management bonus fund

      356

       

      Science and technology development fund

       

      3561

      Science and technology development fund

       

      3562

      Science and technology development fund used for fixed asset acquisition

      357

       

      Price stabilization fund

      Owner’s Equity

      411

       

      Owner’s equity

       

      4111

      Contributed capital

       

      41111

      Ordinary shares with voting rights

       

      41112

      Preference shares

       

      4112

      Capital surplus

       

      4113

      Conversion options on convertible bonds

       

      4118

      Other capital

      412

       

      Revaluation differences on asset

      413

       

      Foreign exchange differences

       

      4131

      Exchange rate differences on revaluation of monetary items denominated in foreign currency

       

      4132

      Exchange rate differences in pre-operating period

      414

       

      Investment and development fund

      417

       

      Enterprise reorganization assistance fund

      418

       

      Other equity funds

      419

       

      Treasury stocks

      421

       

      Undistributed profit after tax

       

      4121

      Undistributed profit after tax of previous year

       

      4212

      Undistributed profit after tax of current year

      441

       

      Capital expenditure funds

      461

       

      Government sourced funds

       

      4611

      Government sourced funds of previous year

       

      4612

      Government sourced funds of current year

      466

       

      Non-business funds used for fixed asset acquisitions

      Revenue

      511

       

      Revenues

       

      5111

      Revenue from sales of merchandises

       

      5112

      Revenue from sales of finished goods

       

      5113

      Revenue from services rendered

       

      5114

      Revenue from government grants

       

      5117

      Revenue from investment properties

       

      5118

      Other revenue

      515

       

      Financial income

      521

       

      Revenue deductions

       

      5211

      Sales discounts

       

      5212

      Sales returns

       

      5213

      Sales allowances

      Cost Of Production And Business

      611

       

      Purchase

       

      6111

      Purchases of raw materials

       

      6112

      Purchases of goods

      621

       

      Direct raw material costs

      622

       

      Direct labour costs

      623

       

      Costs of construction machinery

       

      6231

      Labour costs

       

      6232

      Material costs

       

      6233

      Tools and instruments

       

      6234

      Depreciation expense

       

      6237

      Outside services

       

      6238

      Other expenses

      627

       

      Production overheads

       

      6271

      Factory staff costs

       

      6272

      Material costs

       

      6273

      Tools and instruments

       

      6274

      Fixed asset depreciation

       

      6277

      Outside services

       

      6278

      Other expenses

      631

       

      Production costs

      632

       

      Costs of goods sold

      635

       

      Financial expenses

      641

       

      Selling expenses

       

      6411

      Staff expenses

       

      6412

      Materials and packing materials

       

      6413

      Tools and instruments

       

      6414

      Fixed asset deprecation

       

      6415

      Warranty expenses

       

      6417

      Outside services

       

      6418

      Other expenses

      642

       

      General administration expenses

       

      6421

      Staff expenses

       

      6422

      Office supply expenses

       

      6423

      Office equipment expenses

       

      6424

      Fixed asset depreciation

       

      6425

      Taxes, fees and charges

       

      6426

      Provision expenses

       

      6427

      Outside services

       

      6428

      Other expenses

      Other Income

      711

       

      Other income

       

       

      Other Expenses

      811

       

      Other Expenses

      821

       

      Income tax expense

       

      8211

      Current tax expense

       

      8212

      Deferred tax expense

      Income Summary

      911

       

      Income Summary

       

    • The main features of Vietnam Accounting Standard

       According to Vietnam Accounting Law 2003, all enterprises must comply with Vietnam accounting standard. There are 26 standards in Vietnam accounting standard in the table below.

       

      Vietnam Accounting Standard

      Number

      Accounting Name

      Standard No.1

      General standard

      Standard No.2

      Inventories

      Standard No.3

      Tangible fixed assets

      Standard No.4

      Intangible fixed assets

      Standard No.5

      Investment property

      Standard No.6

      Leases

      Standard No.7

      Accounting for investment in associates

      Standard No.8

      Financial reporting of interest in joint ventures

      Standard No.10

      Effects of changes in foreign exchange rates  

      Standard No.11

      Business combination

      Standard No.14

      Turnover and other incomes

      Standard No.15

      Construction contracts 

      Standard No.16

      Borrowing costs

      Standard No.17

      Income taxes

      Standard No.18

      Provisions, contingent assets and liabilities

      Standard No.19

      Insurance contract

      Standard No.21

      Presentation of financial statements

      Standard No.22

      Disclosures in financial statements of banks and similar financial institutions

      Standard No.23

      Event after the balance sheet date

      Standard No.24

      Cash flow statements

      Standard No.25

      Consolidated financial statements and accounting for investments in subsidiaries

      Standard No.26

      Relates party disclosures

      Standard No.27

      Interim financial reporting

      Standard No.28

      Segment reporting

      Standard No.29

      Changes in accounting policies, accounting estimates and errors

      Standard No.30

      Earning per share

    • The difference between Vietnam Accounting Standard and International Financial Reporting Standards

      International Financial Reporting Standards (IFRS) are global accounting standards issued and regulated by the International Accounting Standard Board (IASB) to guide the preparation and presentation of financial reports. Vietnam uses IFRS as a basis for its own system, the Vietnamese Accounting Standards (VAS). Vietnam’s government has issued 26 VAS based on IFRS. The Ministry of Finance recently issued Circulars No. 200/2014/TT-BTC and No. 202/2014/TT-BTC to provide guidance for local and foreign enterprises in Vietnam on these standards which make the two systems less different. The key differences between International Accounting Standards (IAS) and Vietnamese Accounting Standards (VAS) are listed below:

       

      Presentation of Financial Statements

      While IAS’s Financial Statements include Balance Sheet, Income Statement, Cash Flow Statement, Statement of Changes in Equity, and Notes; VAS doesn’t have Statement of Changes in Equity. According to standard 21 of VAS, the Statement of Changes in Equity is enclosed in the Notes, rather than as a primary component of the financial statement. Plus, VAS does not require disclosure of management’s key judgments, assumptions about the future and sources of estimation uncertainty.

       

      Cash Flow Statements

      Cash Flow Statements from IAS 7 are based on the balance sheets from the first and final period accounting reports. Receivable accounts and trade payables in IAS can be separated from receivable accounts and trade payables on the sale of fixed assets or long term assets.

      For VAS 24, Cash Flow Statements are taken from the cashbook and ledger bank deposits corresponding to the side account. VAS 24 gives guidance on setting up cash flow statement using the indirect method starting from pre-tax profits plus or minus the adjustment including differences of payables excluding payables related to financial investment activities.

       

      Inventories 
      To account the inventory valuation, “Last in – First out” (LIFO) method is not allowed in IAS but it is used in VAS. 
       
      Tangible fixed assets
      While VAS 03 only allows recording tangible fixed assets with the original cost method, IAS 16 uses two methods which are cost and revaluation method. Further more, IAS 38 stipulates that land and the right to use land are considered as tangible assets, while VAS 04 views them as intangible fixed assets.
       
      Real Estate Investment

      Enterprises can use the fair value model to measure the value of real estate investment in accordance with IAS 40, but for VAS 05, fair value measurement is not allowed. Investment properties must be measured at cost less accumulated depreciation.

    • Disclosure

       An enterprise should disclose, either on the face of the balance sheet or in the notes to the balance sheet, further sub-classifications of the line items presented, classified in a manner appropriate to the enterprise’s operations. Each item should be sub-classified, when appropriate, by its nature and, amounts payable to and receivable from the parent enterprise, fellow subsidiaries and associates and other related parties should be disclosed separately. The disclosures will vary for each item, for example: tangible fixed assets, receivables, inventories, provisions, equity capital and reserves from profits.

      Income Statement

      According to VAS 21, as a minimum, the face of the income statement should include line items which present the following amounts:

      1. Revenue from sales of goods and rendering of services;
      2. Deductible items;
      3. Net revenue from sales of goods and rendering of services;
      4. Cost of goods sold;
      5. Gross profit from sale of goods and rendering of services;
      6. Income from financial activities;
      7. Expenses from financial activities;
      8. Selling expenses;
      9. General and administration expenses;
      10. Other income;
      11. Other expenses;
      12. Share of profits and losses of associates and joint ventures accounted for using the equity method (in the case of consolidated income statement);
      13. Operating profit;
      14. Enterprise income tax;
      15. Profit after tax;
      16. Minority interest in profit after tax (in the case of consolidated income statements);
      17. Net profit / loss for the period.
    • Disclosure schedule

      Annual financial statements must be submitted to the authorities within 90 days after the last day of the annual accounting period as prescribed by law. Time limit for enterprises to publicize their financial statements is within 120 days as from the last day of the annual accounting period. 
    • Penalty of disclosure violations

      Based on Decree No. 105/2013/ND-CP in 2013, the fine from VND 500 thousand to 50 million will be applied for any violation in accounting. A fine of between VND 20 and 30 million will be imposed for forging or falsifying accounting documents; making originals of accounting documents with different contents; destroying or intentionally damaging accounting documents. A fine of between VND 40 and 50 million will be subjected to organizations providing audit services without certificates of eligibility for provision of audit services, or hiring, borrowing or using auditor certificates from other persons who do not work for the enterprises. 

      Violators will also be required to destroy forged, counterfeit or falsified dossiers, documents, degrees and certificates, restoring accounting books and correcting erroneous information; refunding illicit profits earned through administrative violations forged, counterfeit or falsified dossiers, documents, degrees and certificates.

    • Compulsory audit

       According to Decree No. 105/2004/ND-CP, annual financial statements of foreign invested enterprises, organizations engaged in credit or banking activities, Development Assistance Fund, financial institutions and insurance business enterprises, state own enterprises, and some specific investment projects... must be audited by auditing enterprises.

       

      The State encourages all enterprises and organizations to hire auditing enterprises to audit their annual financial statements but in reality, it seems a burdensome cost to afford the auditing price for any company. 

    • Audit period

       Like accounting period, where the first or the last annual audit period is shorter than 90 days, it shall be allowed to be added to the following or the previous annual audit period for counting as an annual audit period. The first or the last annual audit period must be shorter than 15 months. 

    • Audit report

       As a general rule, an enterprise must create an audit report once a year. The audit report is required to be Vietnamese language. Audit reports in other languages can be accepted in addition with the Vietnamese report. 

       

      Unqualified opinion

      An unqualified opinion (clean opinion) is an audit report from auditors claiming that there is no any misrepresentation in the business’s financial records which means that the financial records have been maintained in accordance with the GAAP. This is the best type of report that a business can receive. 
       
      Qualified opinion

      A qualified opinion will be issued when a company’s financial records have not been maintained in accordance with GAAP but no misrepresentations are identified. A qualified opinion may include the reason why the audit report is not unqualified.

       

      Disclaimer of opinion

      An enterprise may receive disclaimer of opinion when the auditor cannot complete an accurate audit report due to an absence of appropriate financial records.

       

      Adverse opinion

      This is the worst type of report to a business claiming that the enterprise’s financial records do not conform to GAAP. Since investors, lenders and other relating parties will not accept this, a company must correct its financial statement when this type of report is issued.

       

      Vietnamese Audit Standards

      No. of Standard

      Name of Standard

      VSA 200

      Objective and general principles governing an audit of financial statements

      VSA 210

      Audit contract

      VSA 220

      Documentation

      VSA 240

      Fraud and error

      VSA 250

      Consideration of laws and regulations in an audit of financial statements

      VSA 260

      The Auditor's Communication with Those Charged with Governance

      VSA 300

      Planning

      VSA 310

      Knowledge of the business

      VSA 320

      Audit materiality

      VSA 330

      The Auditor's Procedures in Response to Assessed Risks

      VSA 400

      Risk assessments and internal control

      VSA 401

      Auditing in computer information systems

      VSA 402

      Audit considerations relating to entities using service organizations

      VSA 500

      Audit evidence

      VSA 501

      Audit evidence - additional consideration for specific items

      VSA 505

      External Confirmations

      VSA 510

      Initial engagements - opening balances

      VSA 520

      Analytical review procedures

      VSA 530

      Audit sampling and other selective testing

      VSA 540

      Audit of accounting estimates

      VSA 545

      Auditing Fair Value Measurements and Disclosures

      VSA 560

      Events after balance sheet date

      VSA 570

      Going concern

      VSA 580

      Management presentation

      VSA 600

      Using the work of another auditor

      VSA 620

      Using the work of an expert

      VSA 700

      The auditor's report on financial statements Representation

      VSA 710

      Comparatives

      VSA 720

      Other information in documents containing audited financial statements

      VSA 800

      The auditor's report on special purpose audits

      VSA 910

      Engagements to review financial statements

      VSA 920

      Examination of financial information using agreed-upon procedures

      VSA 930

      Engagements to compile financial statements

      VSA 1000

      Audit the finalized report of construction contract